One of the things Back to the Future Part II almost got right about 2015 was how Biff paid for his cab ride—with a thumbprint. In economic terms what advanced payment systems have done is dramatically lowered the transaction costs of taking an on-demand car ride, below even that envisaged by the thumbprint future. > Read more

One reason there is so little rent-seeking is that most (but not all!) businessmen and entrepreneurs have a sense of virtue and honor that prevents them from seeking special favors. It is much more satisfying to make an honest living than a dishonest one. > Read more

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